By Jason Pettigrove

The Red Devils' revenues have risen 13.4 percent to £363.2 million for the 12 months to June 2013, with sponsorship deals, merchandising and product licensing playing a role

Manchester United have announced record revenues of £363.2 million for the 12 months to June 2013 - a 13.4 per cent increase on the previous year.

A 29.7% rise in commercial revenues is primarily responsible for the increase, with new sponsorship deals, merchandising and product licensing generating £152.5m.

This helped United record a net profit of £146m, while club debt - long a source of fan criticism of the club's owners, the Glazer family - falling 10.9% to £389.2m.

Ed Woodward, United's executive vice-chairman, is delighted with the results and believes the club's future looks even brighter.

"We are very proud of our results for fiscal 2013," he said. "Our commercial business continues to be a very powerful engine of growth enabling the team to continue to be successful.

"We won our 20th English League title last season and are delighted to have David Moyes lead our football team into a new and exciting chapter. We look forward to a successful 2013-14, both on and off the pitch."

Wages have increased, up 11.6% to £180.5m and although much of this relates to player wages, the new digital operation has also seen an influx of new staff.

United predict that club revenues in 2014 will likely increase further, to between £420m and £430m.